Hoping to profit from the CDO expansion wave, Wilmington Trust Corp. has formed a subsidiary to operate most of its CDO business. The firm recruited from independent capital markets and risk management consultancy and hired its founder and CEO and president to lead the CDO administration effort at Wilmington.
The company will operate its CDO business through a new subsidiary called Wilmington Trust Conduit Services. Peter Vinella, founder and CEO of New York City-based PVA International, and Jeanette Jin, the company's president, have joined Wilmington Trust Conduit Services and will oversee its collateral administration services for CDOs. Wilmington Trust Corp. also hired eight people from PVA International to work at the new subsidiary. Vinella has suspended operations at PVA International, although Wilmington did not buy the company.